Average Rent in Richmond 2026
The average rent in Richmond, VA is $1,350 for a 1-bedroom, $1,650 for a 2-bedroom, and $2,050 for a 3-bedroom apartment in 2026. The cost of living in Richmond is 1% above the national average. To afford a 1-bedroom apartment here using the 30% rule, you need an annual income of at least $54,000.
Richmond Rent Prices by Bedroom
1 Bedroom
$1,350
per month
2 Bedrooms
$1,650
per month
3 Bedrooms
$2,050
per month
Cost of Living in Richmond
101
Cost of Living Index (100 = national average)
Richmond's cost of living index is 101, which is 1% above the national average. This index factors in housing, groceries, transportation, healthcare, and utilities. A higher number means you need more income to maintain the same standard of living compared to the national average.
Richmond at a Glance
Population
227K
Median Income
$51,066
COL Index
101
Rent Control
No
How Much Income Do You Need to Rent in Richmond?
The widely accepted guideline is to spend no more than 30% of your gross income on rent. Here is the minimum annual income you need to afford an apartment in Richmond by bedroom count:
1-Bedroom
$1,350/mo rent
$54,000/yr
2-Bedroom
$1,650/mo rent
$66,000/yr
3-Bedroom
$2,050/mo rent
$82,000/yr
Based on the 30% rule: monthly rent should not exceed 30% of gross monthly income.
How Much You Save with a Roommate in Richmond
Save $525/month
by splitting a 2-bedroom with a roommate
Solo 1BR
$1,350
per month
Split 2BR
$825
per person/month
Annual Savings
$6,300
per year
Instead of paying $1,350 for a 1-bedroom on your own, splitting a 2-bedroom ($1,650) with one roommate brings your share to $825. That is $6,300 per year you could put toward savings, investments, or paying down debt.
Rent Control in Richmond
Richmond, VA does not currently have rent control or rent stabilization laws. Landlords can raise rent by any amount at lease renewal, though they are typically required to provide advance notice (usually 30-60 days). If you are concerned about rent increases, consider negotiating a longer lease term for price stability.
Rent Calculators for Richmond Renters
Use these free calculators to plan your Richmond rental budget, split rent with roommates, and check if you qualify for an apartment.
Rent Affordability Calculator
Find out how much rent you can afford based on your income.
Fair Rent Split Calculator
Split rent fairly by room size, features, and income.
Rent-to-Income Calculator
Check if you meet the 3x rent rule landlords require.
Renter Budget Calculator
Build a 50/30/20 budget around your rent payment.
Frequently Asked Questions About Renting in Richmond
Is Richmond expensive to rent in?
Richmond rents are near the national average. A 1-bedroom averages $1,350 per month in 2026. The Fan and Scott's Addition are popular and pricier, while Church Hill and Manchester offer character at better values.
How much income do you need to rent in Richmond?
Using the 30% rule, you need about $4,500 per month ($54,000 annually) to afford an average $1,350/month 1-bedroom apartment in Richmond.
How much can you save by splitting rent with a roommate in Richmond?
Splitting a 2-bedroom ($1,650/month) with one roommate brings your share to $825, saving $525 per month or $6,300 per year versus renting a 1-bedroom alone.
Planning to rent in Richmond?